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SALT LAKE CITY -- The Internal Revenue Service has told employers across the country to change what they take out of your paycheck. The change will affect your take-home pay, and the IRS wants it in place as soon as possible, but no later than April 1.
Most people will see about $44 more per month in their paychecks.
This is in response to the economic stimulus bill recently signed into law by Pres. Obama. It actually calls for a $400 tax credit for 2009, so the IRS is just breaking it up over the time that's left this year.
You won't have to do anything to get the extra money. It's something the people who handle your payroll at work should handle. The Wall Street Journal checked out the fine print from the IRS and broke it down. Here's how the tax break will apply to most people, but it's no guarantee of what you're going to see:
- Single taxpayers making less than $75,000/year should get $44 extra per month.
- Married taxpayers filing jointly but making less than $150,000/year should get $44 extra per month.
- Single taxpayers making between $75,000-$95,000/year will get less than $44 extra per month.
- Married taxpayers filing jointly and making between $150,000-$190,000/year will get less than $44 extra per month.
- Single taxpayers making more than $95,000/year will not get a break this time.
- Married taxpayers filing jointly and making more than $190,000/year will not get a break at this time. E-mail: athomas@ksl.com
